Decoding “Pending” in Real Estate with Priority 1 LendingVerify my mortgage eligibility (Dec 9th, 2023)
The term “pending” is common in real estate transactions, but what does it mean, and how does it impact your home buying or selling journey?, at Priority 1 Lending, we aim to demystify such terms to make your real estate transactions as seamless and informed as possible. Let’s explore the meaning of “pending” in real estate, its implications, and the different types of pending status that you might encounter.
What Does “Pending” Mean in Real Estate?
In real estate parlance, when a property is listed as “pending,” it means that an offer has been accepted by the seller, and all contingencies have been satisfactorily addressed or waived. A pending status signifies that the property is in the final stages of the sales process, with closing on the horizon. However, while a pending status typically leads to a sale, it is not a guarantee, as unforeseen issues could still arise before closing.Verify my mortgage eligibility (Dec 9th, 2023)
Types of Pending Status
1. Pending Continue to Show (PCS): This status indicates that the seller has accepted an offer but is still open to showcasing the property. There might be contingencies in place that are yet to be fulfilled, and the seller is likely protecting their interests by continuing to show the home to potential buyers.
2. Short Sale Pending: This status is used when a property is being sold for less than the amount the current owner owes on the mortgage. The lender’s approval is needed to finalize such a sale, which can extend the process.Verify my mortgage eligibility (Dec 9th, 2023)
3. Pending - Taking Backups: In this scenario, the seller has accepted an offer but is open to backup offers. If the initial deal falls through, the seller can proceed with a backup offer without having to relist the property.
Can You Still Make an Offer on a Pending Home?
Technically, yes, you can make an offer on a pending home. However, it’s less common and largely depends on the seller’s willingness to accept backup offers. If the initial sale does not close, your offer may be considered.Verify my mortgage eligibility (Dec 9th, 2023)
How Priority 1 Lending Can Help
The world of real estate can be complex with its unique terminology and processes. That’s where Priority 1 Lending can make a difference. Our experienced team is dedicated to guiding you through every stage of your home buying or selling journey.
At Priority 1 Lending, we offer a suite of mortgage solutions tailored to fit your unique financial circumstances. Whether you’re a first-time homebuyer, planning an upgrade, or interested in an investment property, we are here to assist you.
Our primary goal is to help you navigate the real estate market confidently and efficiently. From understanding terms like “pending” in real estate to finding the best mortgage option for you, Priority 1 Lending is committed to making your real estate transaction a seamless and rewarding experience. We’re here to support you every step of the way in your journey to securing your dream homeShow me today's rates (Dec 9th, 2023)